- Dogecoin’s inventor isn’t holding back in his criticism of rogue cryptocurrency projects.
- Billy strongly urged investors to do their research and not rely on hyped YouTube videos.
Cryptocurrencies remain divisive, even after years of development; some hail them as blessed while others call them evil. Their most appropriate term is the latest fintech trend; at their most complicated, they are revolutionary technologies that challenge civilization’s political and social foundations.
Dogecoin’s inventor isn’t holding back in his criticism of rogue cryptocurrency projects. A stunning 95% of cryptocurrencies, according to Dogecoin (DOGE) developer Billy Marcus, are frauds and a waste of time.
the reason why people think crypto is 95% scams and garbage and most crypto people are assholes is because crypto is 95% scams and garbage and most crypto people are assholes
let’s change that. it starts with you – what you support, and how you behave.
— Shibetoshi Nakamoto (@BillyM2k) May 16, 2022
Recent Scams and Junk
Cryptocurrencies have had a terrible label since their birth, says Dogecoin’s founder, with established financial players, in particular, adopting derogatory phrases to characterize the asset class. Slanderous labels like “scams” and “junk” have been attributed to digital currencies due to the many horror tales plaguing the crypto industry.
The inventor of DOGE has weighed in on the price crash of Terra Luna and its stablecoin, UST. Billy called Luna’s Do Kwon a “tech bro” and slammed him in the episode. In the wake of the Luna and UST disaster, investors have lost billions of dollars. Following an alleged home invasion by a LUNA investor, Terra founder Do Kwon now seeks police protection.
He said that scammers and assholes are the only ones who should be bothered by the tweet. Elon Musk reacted to the tweet sent by Marcus. Musk’s response to the Dogecoin creator’s tweet was a laughing and sobbing emoji. In response to Billy’s constant mocking, he was blocked by Do Kwon. The Dogecoin co-founder, though, seems unfazed by the block. According to Billy’s comments, Do Kwon’s move was not surprising to him. He believes that banning individuals in the crypto realm is an excellent idea, particularly if they deserve it.
Billy strongly urged investors to do their research and not rely on hyped YouTube videos, and not to take decisions emotionally. Indeed, the recent Terra crash has left the entire community something to think about seriously.